Omnibus Law on Job Creation Expected To Significantly Improve Investment Climate
SCCI Investment and Business Webinar JAKARTA -As Indonesia emerges from the Covid-19 pandemic, its economic growth prospects are looking brighter. Speaking during the Singapore Chamber of Commerce Indonesia webinar, Enrico Tanuwidjaja, Senior Economist, UOB Indonesia said Indonesia could speed up economic the recovery due to…
Indonesia Issues Implementing Rules for Investment Law Reform
JAKARTA -Indonesia has released the specifics of its investment law overhaul, with changes that include lower taxes on bond earnings and new permit requirements for plantations. The 49 implementing rules cover land management, foreign worker regulations and a new framework for deciding which sectors are…
President Widodo names Wirakusumah as CEO of Indonesia SWF
JAKARTA -Indonesian President Joko Widodo has officially announced the appointment of Ridha Dm Wirakusumah as the CEO of the country’s sovereign wealth fund that is slated to have a corpus of $20 billion. The news was first broken by DealStreetAsia last week. With the appointment, Wirakusumah will…
Minister invites Singapore to further intensify economic cooperation
JAKARTA -Minister for State-Owned Enterprises of the Republic of Indonesia, Erick Thohir, invited Singapore to further bolster economic cooperation. “President Joko Widodo has formed and appointed professionals to handle Indonesia’s sovereign wealth funds called the INA. Many projects are prepared and are very prospective because…
Indonesia focuses efforts towards developing electric vehicle ecosystem
JAKARTA -Indonesia’s state-owned oil company PT Pertamina (Persero) and other state enterprises that are part of Indonesia Battery Holding (IBH) are currently focusing efforts towards developing an electric vehicle (EV) ecosystem in the Southeast Asian country. In addition, they are working towards accelerating the development of the EV battery…
Jokowi Targets 182 Million Indonesians Get Covid-19 Vaccine This Year
JAKARTA -President Joko Widodo or Jokowi calculated that 182 milion Indonesians can get Covid-19 shots in 2021, under the requirement that the inoculation must be executed with maximum effort. “Our target is [the vaccination to] 182 million people must complete by the end of this year,” he…
Civil servants, religious figures, journalists among groups set for 2nd phase of COVID-19 vaccinations in Indonesia
JAKARTA – Indonesia has identified groups within society who are set to receive the COVID-19 vaccine soon, with journalists, athletes, and civil servants included among them. The Health Ministry said the second phase of vaccinations — set to follow immediately after the first phase for…
Garuda Indonesia Reduces Leased CRJ1000 Fleet
JAKARTA-What’s known is that Garuda Indonesia did a deal with Canada’s Bombardier to acquire six CRJ1000 aircraft through Export Development Canada (EDC). Those planes include PK-GRA, PK-GRC, PK-GRE, PK-GRF, PK-GRG, and PK-GRH. Then, Garuda Indonesia also did a second deal to lease a further 12…
Ooredoo Group announces net profit of QR1.1bn in 2020
JAKARTA- Ooredoo Group has posted a net profit of QR1.1bn in 2020, which was down 35% year-on-year mainly due to lower EBITDA and one off gains in 2019 from the Indonesian tower sales. In Q4, 2020 the net profit was “negatively impacted” by foreign exchange…
Eni tipped to takeover giant Chevron project in Indonesia by March
JAKARTA – SKK Migas, Indonesia’s upstream regulator, expects Eni to takeover Chevron’s giant Indonesia Deepwater Development (IDD) during the first quarter 2021. If the move comes to pass, expect other potential buyers, that could include Pertamina, Sinopec, Neptune Energy and Saka Energi, to be in…